Dow sank 57, decliners over advancers 2-1 & NAZ gave up 4. The MLP index was off 3+ to the 303s & the REIT index lost 1+ to the 342s. Junk bond funds did little & Treasuries drifted lower. Oil declined again (see below) & gold was flattish.
AMJ (Alerian MLP Index tracking fund)
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![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.5384400194480772)
Microsoft, a Dow stock, has reorganized its Office unit to combine products that tackle the same tasks rather than carving out individual products, said Julie Larson-Green, chief experience officer for MSFT applications & services group. The company combined PowerPoint, Word & the Sway interactive-presentation app, all tools for content creation, while putting data & analytics tools like the Excel spreadsheet & Access database together. “We want to have people focusing on the task they are trying to do and not the tools,” Larson-Green said. The idea is to enable the company to “think more broadly and more deeply about the future of those technology areas and the future of that kind of content creation rather than focusing so much on the individual applications themselves.” The stock fell 31¢. If you would like to learn more about MSFT, click on this link:
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Oil prices fell, down for a 4th straight day, pressured by investor nervousness over Britain's vote next week on whether to leave the EU, which overshadowed signs of a return to fundamental balance for crude markets. Safe-haven German Bund yields fell below zero for the first time, while industrial commodities & equity markets, seen as more vulnerable to economic risk, dropped after polls showed Britain's "Leave" campaign leading ahead of the Jun 23 vote on EU membership. The referendum-related concerns eclipsed an upbeat forecast for oil demand growth from the International Energy Agency, which said the oil market is essentially balanced after 2 years of surpluses. On Mon, OPEC forecast that the oil market would be more balanced in H2 as outages in Nigeria & Canada help to speed erosion of a supply glut. If Britain voted to leave the EU, a prospect dubbed "Brexit," investors fear the bloc could slip into recession, which in turn could undermine oil demand.
US business inventories barely rose in Apr as sales recorded their biggest increase in more than 2 years, pointing to a slow pace of inventory accumulation that could weigh on economic growth in Q2. The Commerce Dept said inventories gained 0.1% after a downwardly revised 0.3% rise in Mar. Economists had forecast inventories, a key component of GDP, gaining 0.2% in Apr after a previously reported 0.4% increase in Mar. Auto inventories ticked up 0.1% after surging 2.3% in Mar. Retail inventories excluding autos, which go into the calculation of GDP, fell 0.2%, the largest drop in nearly a year & followed a 0.1% gain in Mar. Inventories last contributed to GDP growth Q1-2015 & have been a drag in each of the last 3 qtrs. Businesses accumulated record inventory in H2-2015, which outstripped demand. Though the pace of accumulation slowed, inventories remained high in H2-2015 & Q1-2016. Business sales rose 0.9% in Apr, the largest increase since Feb 2014, after gaining 0.2% in Mar. At the Apr sales pace, it would take 1.4 months for businesses to clear shelves. The was the smallest since last Dec & was down from 1.41 months in Mar.
Stocks are meandering with the bias towards selling. Since the recovery in Mar, Dow has been trading sideways, unable to break out & head north from that pattern. The FOMC announcement tomorrow will be the major market mover & then the outcome of the vote which would take Britian out of the EU will be a major driver.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLN16.NYM | ....Crude Oil Jul 16 | ....48.49 |  ...0.39 | (0.8%) |
Microsoft, a Dow stock, has reorganized its Office unit to combine products that tackle the same tasks rather than carving out individual products, said Julie Larson-Green, chief experience officer for MSFT applications & services group. The company combined PowerPoint, Word & the Sway interactive-presentation app, all tools for content creation, while putting data & analytics tools like the Excel spreadsheet & Access database together. “We want to have people focusing on the task they are trying to do and not the tools,” Larson-Green said. The idea is to enable the company to “think more broadly and more deeply about the future of those technology areas and the future of that kind of content creation rather than focusing so much on the individual applications themselves.” The stock fell 31¢. If you would like to learn more about MSFT, click on this link:
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft Reorganizes Office Group to Focus on Common Tasks
Microsoft (MSFT)
Oil prices fell, down for a 4th straight day, pressured by investor nervousness over Britain's vote next week on whether to leave the EU, which overshadowed signs of a return to fundamental balance for crude markets. Safe-haven German Bund yields fell below zero for the first time, while industrial commodities & equity markets, seen as more vulnerable to economic risk, dropped after polls showed Britain's "Leave" campaign leading ahead of the Jun 23 vote on EU membership. The referendum-related concerns eclipsed an upbeat forecast for oil demand growth from the International Energy Agency, which said the oil market is essentially balanced after 2 years of surpluses. On Mon, OPEC forecast that the oil market would be more balanced in H2 as outages in Nigeria & Canada help to speed erosion of a supply glut. If Britain voted to leave the EU, a prospect dubbed "Brexit," investors fear the bloc could slip into recession, which in turn could undermine oil demand.
US business inventories barely rose in Apr as sales recorded their biggest increase in more than 2 years, pointing to a slow pace of inventory accumulation that could weigh on economic growth in Q2. The Commerce Dept said inventories gained 0.1% after a downwardly revised 0.3% rise in Mar. Economists had forecast inventories, a key component of GDP, gaining 0.2% in Apr after a previously reported 0.4% increase in Mar. Auto inventories ticked up 0.1% after surging 2.3% in Mar. Retail inventories excluding autos, which go into the calculation of GDP, fell 0.2%, the largest drop in nearly a year & followed a 0.1% gain in Mar. Inventories last contributed to GDP growth Q1-2015 & have been a drag in each of the last 3 qtrs. Businesses accumulated record inventory in H2-2015, which outstripped demand. Though the pace of accumulation slowed, inventories remained high in H2-2015 & Q1-2016. Business sales rose 0.9% in Apr, the largest increase since Feb 2014, after gaining 0.2% in Mar. At the Apr sales pace, it would take 1.4 months for businesses to clear shelves. The was the smallest since last Dec & was down from 1.41 months in Mar.
Business Inventories Rise Modestly as Sales Surge
Stocks are meandering with the bias towards selling. Since the recovery in Mar, Dow has been trading sideways, unable to break out & head north from that pattern. The FOMC announcement tomorrow will be the major market mover & then the outcome of the vote which would take Britian out of the EU will be a major driver.
Dow Jones Industrials
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